The present invention relates to a contract in which in a contract with a risk due to the fluctuation of the economical environment produced by various causes, for a debt of a debtor using a loan or a lease for financing over a relatively middle and long period, such as housing acquisition, an equipment fund for business or a working fund, or a debt of an issuer of a nation bond, a public bond, and a corporate bond (hereinafter referred to as a nation/public/corporate bond), and a debt (hereinafter referred to as a debt) such as payment obligation including payment to an insured person in life insurance and nonlife insurance (hereinafter referred to as insurance), the debt is reduced or extinguished, or a part of or all of the credit or investment is collected and a profit is obtained, and further, relates to a social invention in which a creditor, such as a financial institution, a nation/public/corporate bond buyer, a lease trader, or a lender for an insured person or the like, is enabled to perform risk hedging, so that the rights and duties of safe long-term credit and debt can be kept.
Incidentally, any of the following financial terms used in the invention are described in respective pages of “KINYUU JITSUMU DAIJITEN” (edited by KINZAI INSTITUTE FOR FINANCIAL AFFAIRS, INC., issued on Sep. 19, 2000), and are widely generally used in the financial industry. For example, payment (p. 353), present value (p. 476), loan (p. 1775), housing loan (p. 802), option (p. 163), swap (p. 944), volatility (p. 1587), risk (p. 1731), and the like are described.
On looking back upon the 20th century, there is a case where both a creditor and a debtor are ruined by abrupt change of the macro economy. During good times (time of inflation), although there is a fear that depression (time of deflation) gradually occurs, in the present circumstance, means for taking measures against the risk is not provided at the side of the debtor when for example, a housing fund is borrowed. The same applies to the case where the time of deflation is changed to the time of inflation.
With respect to the risk when the macro economical environment is changed, when the macro economy is abruptly changed by, for example, long-term depression, degradation of the balance of international payments, financial failure due to excessive issuance of nation bonds or public bonds, collapse of money credit by failure of economy and currency policy, the failure of extreme resource distribution, or the like, the lending risk and borrowing risk of the creditor and debtor are abruptly increased, the economy itself is abruptly reduced, and it is conceivable that the creditors and especially many debtors have problems.
In the case where the micro economical environment is changed and the interest rate rises, the debtor and the creditor have the following situation.
(a) Under the inflation economy, in the case where various prices rise suddenly, and the income in proportion to them does not follow, for example, a debtor such as a housing fund loan debtor has trouble in payment of the debt. Especially, the debtor adopting the variable interest rate is required to pay high interest, and the payment of the loan becomes difficult.
(b) Under the deflation economy, general demand is decreased, and many enterprises have difficulty in management or are ruined, so that the employment is decreased or the income is decreased, and the loan debtor such as the housing fund loan debtor becomes insolvent. For example, under the financial crisis which occurred in New York in 1929, the unemployment rate reached 25%. Besides, when the guarantee value is abruptly decreased by the deflation, in the case where the debtor becomes unable to pay the principal and/or interest, there occurs a state where the guarantee can not be changed to money, and substantially an excessive liability state occurs. Further, for the loan debtor adopting the fixed interest rate, the payment of the high interest is continued, and it is conceivable that finally, it becomes unable to pay the principal and interest, and the agreed repayment becomes impossible.
Further, under the deflation economy, since the debtor delays the repayment, goes bankrupt, or becomes insolvent, bad debts extremely increase, not only the interest but also the principal can not be collected, and there is a fear that the creditor is also ruined. Besides, the value of the hypothecated asset is also decreased, and it becomes difficult to exchange the hypothecated asset to money.
Japan in the 1990s underwent these cases, the bad asset of financial institutions exceeded 100 trillion yen, and the problem of the failure of the financial institutions developed. On the other hand, since the government must take pump-priming measures, it is difficult to avoid the increase of the interest rate due to this, and the housing loan over 20 to 30 years has a high risk of future rising interest rates.
Although there are many derivatives (financial derivatives) to avoid such an economical risk, there is no patent document in which in the case where a commoner (consumer) as a debtor and a general business owner (enterprise) perform financing, the risk of rising interest rates is hedged by a blanket or small-lot derivative corresponding to the debt amount so as to support the debtor. Besides, at present, in an investment, credit, debt, or credit and debt with conditions, which is intended for a commoner, a risk hedge using a derivative has not been performed.
In “NEW FINANCIAL SYSTEM—PREPARATION FOR FUTURE HUGE RISK” (written by Robert J. Shiller, Professor of Yale University) issued by Nihon Keizai Shinbun, Inc. before the application (Feb. 9, 2004) of the invention, as a new method of insurance to avoid the drop risk of the house price of a housing acquisition person (housing loan debtor) by home-equity insurance, it is disclosed that claim for insurance is settled on the basis of a house price index (p. 180), and it is emphasized that the social necessity for countermeasures to a drop in house prices has been especially intensified in recent years. Although its direction is quite common to the invention, the concept and specific method described here are based on the risk hedge using the insurance and its method against a future drop in house prices, which is different from the invention.
Besides, although following patent documents 1 and 2 describe methods of avoiding a financial risk relating to debt redemption, the risk of the loan debtor is not targeted, and further, with respect to a method of avoiding a risk that the profit of a creditor is decreased by the refunding of a loan debtor according to the change of economical situation or by the repayment before the deadline, subrogated performance such as trust is used, and there is no concept that the burden of the loan debtor is reduced or extinguished by using the present value of the debt discounted by a yield curve.
Besides, a credit arises from the debt, and the creditor is also required to safeguard the credit with a risk. The credit at the creditor side includes housing loan lending credit, lease credit, lending credit to a juristic person over a relatively long period, and reinsurance credit in an insurance company.
Patent document 1 JP-A-2002-342579
Patent document 2 JP-A-2002-358428